How Much Does it Cost to Retire in Each State?

We discussed the rising cost of living in a previous post, breaking down data on the hourly salary needed to afford a two-bedroom apartment in each state in 2021.

Just as apartment rental costs vary vastly from state to state, so too does the average life expectancy and — as a result — the average cost of a comfortable retirement.

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Pulling data from the Bureau of Economic Analysis, the Bureau of Labor Statistics, and a global health research center at the University of Washington, 24/7 Wall Street was able to calculate how much a comfortable retirement will cost in each state. Their findings, published by USA Today, factored in the average annual spending of American retirees, as well as the life expectancy and cost of living for different states.

What a Comfortable Retirement Will Cost You in Each State

Read on to learn the estimated cost of a comfortable retirement in each state:

Alabama

  • Estimated total retirement spending: $877,072 (third least)
  • Average cost of living: 14.2% less than Average (third lowest)
  • Median monthly homeownership cost, Seniors 65+: $358 (sixth lowest)
  • Seniors 65+: 17.4% (20th highest)

Alaska

  • Estimated total retirement spending: $1,159,339 (13th most)
  • Average cost of living: 5.1% more than Average (9th highest)
  • Median monthly homeownership cost, Seniors 65+: $536 (1fifth highest)
  • Seniors 65+: 12.4% (second lowest)

Arizona

  • Estimated total retirement spending: $1,117,884 (18th most)
  • Average cost of living: 3.7% less than Average (2fifth highest)
  • Median monthly homeownership cost, Seniors 65+: $419 (1sixth lowest)
  • Seniors 65+: 18% (13th highest)

Arkansas

  • Estimated total retirement spending: $875,611 (second least)
  • Average cost of living: 15.3% less than Average (second lowest)
  • Median monthly homeownership cost, Seniors 65+: $348 (fourth lowest)

California

  • Estimated total retirement spending: $1,391,547 (second most)
  • Average cost of living: 16.4% more than Average (second highest)
  • Median monthly homeownership cost, Seniors 65+: $588 (11th highest)
  • Seniors 65+: 14.8% (sixth lowest)

Colorado

  • Estimated total retirement spending: $1,177,006 (12th most)
  • Average cost of living: 1.9% more than Average (13th highest)
  • Median monthly homeownership cost, Seniors 65+: $485 (25th highest)
  • Seniors 65+: 14.7% (fifth lowest)

Connecticut

  • Estimated total retirement spending: $1,237,069 (seventh-most)
  • Average cost of living: 5% more than Average (10th highest)
  • Median monthly homeownership cost, Seniors 65+: $898 (second highest)
  • Seniors 65+: 17.6% (1sixth highest)

 Delaware

  • Estimated total retirement spending: $1,113,686 (19th most)
  • Average cost of living: 0.6% less than Average (1seventh highest)
  • Median monthly homeownership cost, Seniors 65+: $448 (20th lowest)
  • Seniors 65+: 19.5% (fifth highest)

 Florida

  • Estimated total retirement spending: $1,184,110 (9th most)
  • Average cost of living: 1% more than Average (16th highest)
  • Median monthly homeownership cost, Seniors 65+: $516 (20th highest)
  • Seniors 65+: 20.9% (second highest)

Georgia

  • Estimated total retirement spending: $995,777 (15th least)
  • Average cost of living: 6.8% less than Average (24th lowest)
  • Median monthly homeownership cost, Seniors 65+: $409 (1fourth lowest)
  • Seniors 65+: 14.3% (fourth lowest)

Hawaii

  • Estimated total retirement spending: $1,481,336 (the most)
  • Average cost of living: 19.3% more than Average (the highest)
  • Median monthly homeownership cost, Seniors 65+: $534 (6th highest)
  • Seniors 65+: 19% (seventh highest)

Idaho

  • Estimated total retirement spending: $1,033,016 (2third least)
  • Average cost of living: 7.8% less than Average (21st lowest)
  • Median monthly homeownership cost, Seniors 65+: $384 (9th lowest)
  • Seniors 65+: 16.2% (1sixth lowest)

Illinois

  • Estimated total retirement spending: $1,096,903 (20th most)
  • Average cost of living: 2.6% less than Average (20th highest)
  • Median monthly homeownership cost, Seniors 65+: $617 (8th highest)
  • Seniors 65+: 16.1% (1fourth lowest)

Indiana

  • Estimated total retirement spending: $942,575 (10th least)
  • Average cost of living: 11.3% less than Average (11th lowest)
  • Median monthly homeownership cost, Seniors 65+: $406 (12th lowest)
  • Seniors 65+: 16.1% (13th lowest)

Iowa

  • Estimated total retirement spending: $1,002,303 (18th least)
  • Average cost of living: 11% less than Average (12th lowest)
  • Median monthly homeownership cost, Seniors 65+: $498 (2second highest)
  • Seniors 65+: 17.5% (1seventh highest)

Kansas

  • Estimated total retirement spending: $978,798 (13th least)
  • Average cost of living: 10.8% less than Average (13th lowest)
  • Median monthly homeownership cost, Seniors 65+: $512 (21st highest)
  • Seniors 65+: 16.4% (20th lowest)

Kentucky

  • Estimated total retirement spending: $883,332 (fifth least)
  • Average cost of living: 12.6% less than Average (sixth lowest)
  • Median monthly homeownership cost, Seniors 65+: $373 (seventh lowest)
  • Seniors 65+: 16.9% (2fourth lowest)

Louisiana

  • Estimated total retirement spending: $918,844 (seventh least)
  • Average cost of living: 12.1% less than Average (8th lowest)
  • Median monthly homeownership cost, Seniors 65+: $346 (third lowest)

Maine

  • Estimated total retirement spending: $1,072,421 (2second most)
  • Average cost of living: 0.7% less than Average (18th highest)
  • Median monthly homeownership cost, Seniors 65+: $521 (19th highest)
  • Seniors 65+: 21.3% (the highest)

Maryland

  • Estimated total retirement spending: $1,219,120 (8th most)
  • Average cost of living: 7.7% more than Average (seventh highest)
  • Median monthly homeownership cost, Seniors 65+: $602 (9th highest)
  • Seniors 65+: 15.9% (9th lowest)

Massachusetts

  • Estimated total retirement spending: $1,268,810 (fifth most)
  • Average cost of living: 10.4% more than Average (fifth highest)
  • Median monthly homeownership cost, Seniors 65+: $803 (fourth highest)
  • Seniors 65+: 17% (2fifth highest)

Michigan

  • Estimated total retirement spending: $1,007,484 (21st least)
  • Average cost of living: 7.7% less than Average (22nd lowest)
  • Median monthly homeownership cost, Seniors 65+: $482 (fifth lowest)
  • Seniors 65+: 17.7% (14th highest)

Minnesota

  • Estimated total retirement spending: $1,148,938 (15th most)
  • Average cost of living: 2% less than Average (19th highest)
  • Median monthly homeownership cost, Seniors 65+: $545 (13th highest)
  • Seniors 65+: 16.3% (18th lowest)

Mississippi

  • Estimated total retirement spending: $857,886 (the least)
  • Average cost of living: 15.6% less than Average (the lowest)
  • Median monthly homeownership cost, Seniors 65+: $345 (second lowest)
  • Seniors 65+: 16.4% (19th lowest)

Missouri

  • Estimated total retirement spending: $952,821 (11th least)
  • Average cost of living: 11.3% less than Average (11th lowest)
  • Median monthly homeownership cost, Seniors 65+: $452 (21st lowest)
  • Seniors 65+: 17.2% (2third highest)

Montana

  • Estimated total retirement spending: $998,983 (sixth least)
  • Average cost of living: 6.5% less than Average (25th lowest)
  • Median monthly homeownership cost, Seniors 65+: $445 (19th lowest)
  • Seniors 65+: 19.5% (sixth highest)

Nebraska

  • Estimated total retirement spending: $1,002,765 (19th least)
  • Average cost of living: 10.5% less than Average (5th lowest)
  • Median monthly homeownership cost, Seniors 65+: $532 (seventh highest)
  • Seniors 65+: 16.1% (1fifth lowest)

Nevada

  • Estimated total retirement spending: $1,063,152 (fifth most)
  • Average cost of living: 2.6% less than Average (20th highest)
  • Median monthly homeownership cost, Seniors 65+: $430 (18th lowest)
  • Seniors 65+: 16.2% (1seventh lowest)

New Hampshire

  • Estimated total retirement spending: $1,180,933 (10th most)
  • Average cost of living: 6.5% more than Average (8th highest)
  • Median monthly homeownership cost, Seniors 65+: $821 (third highest)
  • Seniors 65+: 18.6% (9th highest)

New Jersey

  • Estimated total retirement spending: $1,359,968 (fourth most)
  • Average cost of living: 16% more than Average (fourth highest)
  • Median monthly homeownership cost, Seniors 65+: $1017 (the highest)
  • Seniors 65+: 16.6% (21st lowest)

 New Mexico

  • Estimated total retirement spending: $1,036,476 (fourth least)
  • Average cost of living: 8.9% less than Average (seventh lowest)
  • Median monthly homeownership cost, Seniors 65+: $355 (fifth lowest)
  • Seniors 65+: 18% (12th highest)

 New York

  • Estimated total retirement spending: $1,383,635 (third-most)
  • Average cost of living: 16.3% more than Average (third highest)
  • Median monthly homeownership cost, Seniors 65+: $766 (fifth highest)
  • Seniors 65+: 16.9% (2fifth lowest)

North Carolina

  • Estimated total retirement spending: $1,000,935 (7th least)
  • Average cost of living: 8.3% less than Average (19th lowest)
  • Median monthly homeownership cost, Seniors 65+: $402 (11th lowest)
  • Seniors 65+: 16.7% (23rd lowest)

North Dakota

  • Estimated total retirement spending: $1,005,682 (20th least)
  • Average cost of living: 10.7% less than Average (1fourth lowest)
  • Median monthly homeownership cost, Seniors 65+: $469 (2third lowest)
  • Seniors 65+: 15.8% (seventh lowest)

Ohio

  • Estimated total retirement spending: $929,176 (8th least)
  • Average cost of living: 11.6% less than Average (9th lowest)
  • Median monthly homeownership cost, Seniors 65+: $469 (2third lowest)
  • Seniors 65+: 17.5% (19th highest)

Oklahoma

  • Estimated total retirement spending: $901,455 (sixth least)
  • Average cost of living: 12.8% less than Average (fifth lowest)
  • Median monthly homeownership cost, Seniors 65+: $407 (13th lowest)
  • Seniors 65+: 16.1% (12th lowest)

 Oregon

  • Estimated total retirement spending: $1,150,960 (fourth most)
  • Average cost of living: 2.2% more than Average (12th highest)
  • Median monthly homeownership cost, Seniors 65+: $554 (12th highest)
  • Share Seniors 65+: 18.2% (10th highest)

Pennsylvania

  • Estimated total retirement spending: $1,064,388 (fourth most)
  • Average cost of living: 3% less than Average (second highest)
  • Median monthly homeownership cost, Seniors 65+: $530 (18th highest)
  • Seniors 65+: 18.7% (8th highest)

Rhode Island

  • Estimated total retirement spending: $1,146,674 (sixth-most)
  • Average cost of living: 1.3% more than Average (fourth highest)
  • Median monthly homeownership cost, Seniors 65+: $717 (sixth highest)
  • Seniors 65+: 17.7% (15th highest)

South Carolina

  • Estimated total retirement spending: $967,045 (12th least)
  • Average cost of living: 8.5% less than Average (18th lowest)
  • Median monthly homeownership cost, Seniors 65+: $374 (8th lowest)
  • Seniors 65+: 18.2% (11th highest)

South Dakota

  • Estimated total retirement spending: $ (fourth least)
  • Average cost of living: 12.2% less than Average (seventh lowest)
  • Median monthly homeownership cost, Seniors 65+: $493 (third highest)
  • Seniors 65+: 17.4% (21st highest)

Tennessee

  • Estimated total retirement spending: $937,660 (9th least)
  • Average cost of living: 10.3% less than Average (16th lowest)
  • Median monthly homeownership cost, Seniors 65+: $388 (10th lowest)
  • Seniors 65+: 16.7% (22nd lowest)

Texas

  • Estimated total retirement spending: $1,070,048 (23rd most)
  • Average cost of living: 3.5% less than Average (23rd highest)
  • Median monthly homeownership cost, Seniors 65+: $493 (23rd highest)
  • Seniors 65+: 12.9% (third lowest)

Utah

  • Estimated total retirement spending: $1,086,767 (21st most)
  • Average cost of living: 3.5% less than Average (23rd highest)
  • Median monthly homeownership cost, Seniors 65+: $422 (17th lowest)
  • Seniors 65+: 11.4% (the lowest)

Vermont

  • Estimated total retirement spending: $1,178,958 (11th most)
  • Average cost of living: 3.1% more than Average (11th highest)
  • Median monthly homeownership cost, Seniors 65+: $668 (seventh highest)
  • Seniors 65+: 20.1% (fourth highest)

Virginia

  • Estimated total retirement spending: $1,140,824 (17th most)
  • Average cost of living: 1.3% more than Average (14th highest)
  • Median monthly homeownership cost, Seniors 65+: $475 (24th lowest)
  • Seniors 65+: 15.9% (10th lowest)

Washington

  • Estimated total retirement spending: $1,245,825 (sixth-most)
  • Average cost of living: 8.4% more than Average (sixth highest)
  • Median monthly homeownership cost, Seniors 65+: $600 (10th highest)
  • Seniors 65+: 15.9% (8th lowest

West Virginia

  • Estimated total retirement spending: $880,300 (fourth-least)
  • Average cost of living: 12.9% less than Average (fourth lowest)
  • Median monthly homeownership cost, Seniors 65+: $313 (the lowest)
  • Seniors 65+: 20.5% (third highest)

Wisconsin

  • Estimated total retirement spending: $1,045,578 (25th least)
  • Average cost of living: 8.1% less than Average (20th lowest)
  • Median monthly homeownership cost, Seniors 65+: $538 (14th highest)
  • Seniors 65+: 17.5% (18th highest)

Wyoming

  • Estimated total retirement spending: $1,029,020 (2nd least)
  • Average cost of living: 7.2% less than Average (23rd lowest)
  • Median monthly homeownership cost, Seniors 65+: $415 (15th lowest)
  • Seniors 65+: 17.1% (24th highest)

Takeaways

Based on the data, we can narrow in on the most (and least) expensive U.S. states to head to once you reach retirement age. Topping the list of most expensive cities in Hawaii (where retirees can expect to blow $1,481,336 on retirement income), California ($1,391,547), and New York ($1,383,635).

On the other side, the cities where you’ll get the most bang for your retirement savings buck to include Mississippi ($857,886),  Wyoming ($1,029,020), and Alabama ($877,072).

Click this link for the original source of this article.
Author: Maria Lalonde


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